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SF 120

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 2.13 2.14 2.15 2.16 2.17 2.18 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26 2.27 2.28 2.29 2.30 2.31 2.32 2.33 2.34 2.35 2.36
3.1

A bill for an act
relating to retirement; providing an additional
benefit for certain teachers; proposing coding for new
law in Minnesota Statutes, chapter 354.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [354.551] ADDITIONAL BENEFIT FOR TEACHERS
PREVIOUSLY COVERED BY MONEY PURCHASE PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Additional benefit entitlement. new text end

new text begin Eligible
retired teachers as defined in subdivision 2 are entitled to
receive the additional benefit amount determined under
subdivision 3 unless the applicable person files a written
notification with the executive director of the Teachers
Retirement Association that the additional benefit not be paid.
new text end

new text begin Subd. 2. new text end

new text begin Eligibility. new text end

new text begin An eligible person for purposes of
this section is a person who:
new text end

new text begin (1) was a teacher as defined in section 354.05, subdivision
2;
new text end

new text begin (2) rendered teaching service as defined in section 354.05,
subdivision 3, either during the 1968-1969 school year, but was
not covered by the improved money purchase program savings
clause in section 354.55, subdivision 17, or before the
1968-1969 school year, did not take a refund of member
contributions upon the termination of teacher service, and was
eligible to make an election under Minnesota Statutes 1971,
section 354.55, subdivision 8.
new text end

new text begin Subd. 3. new text end

new text begin Determination of additional benefit amount. new text end

new text begin (a)
By July 1, 2005, the executive director of the Teachers
Retirement Association shall determine which active or retired
teachers are eligible to receive an additional benefit amount
under this section and the amount of each person's additional
benefit amount.
new text end

new text begin The increase amount is 45 percent of the difference, if a
positive number, obtained by subtracting the single life annuity
amount initially payable upon retirement under section 354.44,
subdivision 6, from a comparable single life annuity amount
computed as of the same date under section 354.44, subdivision 2.
new text end

new text begin (b) The additional retirement annuity is payable beginning
July 1, 2005, for persons who were receiving a retirement
annuity on June 1, 2005, or with the initial retirement annuity
payment for persons who were active, deferred, or inactive
members on June 1, 2005. The additional retirement annuity must
be included in the base for any postretirement adjustment
payable under section 11A.18. The applicable required reserves
amount must be transferred on July 1, 2005, for persons who were
receiving a retirement annuity on June 1, 2005, or on the date
of retirement for persons who were active, deferred, or inactive
members on June 1, 2005.
new text end

new text begin Subd. 4. new text end

new text begin Duration of additional benefit. new text end

new text begin The additional
benefit amount is payable for life or for the duration of the
selected optional annuity form, whichever applies.
new text end

new text begin Subd. 5.new text end

new text begin No payment to estate; no retroactivity.new text end

new text begin (a)
Nothing in this section authorizes the payment of an additional
benefit amount under this section to an estate or to a survivor
or beneficiary other than under an optional annuity form.
new text end

new text begin (b) Nothing in this section authorizes the payment of an
additional benefit amount for any period before July 1, 2005.
new text end

new text begin (c) Nothing in this section authorizes the payment of an
additional benefit amount to a person who was or is entitled to
have their retirement annuity calculated under section 354.44,
subdivision 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end